How Can a Chicago Tax Accountant Help With Your Businesses Tax Return?
A Chicago Tax Accountant can provide accounting and tax services to businesses during tax season and throughout the year. If you are a new business in the Chicago area and have yet to file a tax return, it is very important that you seek professional help from a tax accountant, CPA or tax preparer who specialize in business return preparation to complete your taxes. Even if you are an established business and need a new Chicago tax accountant or need to have your prior year return reviewed, your financial data must be complete and accurate prior to filing to avoid any potential tax problems later on such as an audit by the IRS. An established business may also want seek help from an accountant to prepare their business tax returns and to do a review and/or cleanup of their Accounting file. If you use QuickBooks accounting software, this program is very helpful in organizing your financial data.
If your books are not in order, a tax accountant can do a thorough review of your accounting file, fix problems and add missing transactions before tax preparation. If you have missing transaction for the year, they can be detected by reconciling business bank account statements with your information provided in the accounting software. This should be done on a monthly basis but can also be done quarterly or annually depending on your preference and budget.
Once your books are cleaned up and accurate, reports such as a profit and loss, balance sheet and 1099 summary can be run to start the tax preparation process. A profit and loss report is helpful for preparing returns for a schedule C, 1065, 1120 or 990, while balance sheet information is used on the balance sheet of corporate, partnership and nonprofit returns. Preparation for tax return filing can be very time consuming for business owners which is why most choose to hire an accountant to complete the books before filing their annual returns.
A Chicago Tax Accountant can help to make your life a lot easier by providing the necessary services to get your books up to date and accurate for tax preparation. Some planning at year end or throughout the year can also make tax time a lot less stressful. Whether you are a new or existing business, you can benefit from the expertise of an accountant for bookkeeping, accounting, tax preparation and QuickBooks Help. An accountant who is also a Certified QuickBooks Pro Advisor offer the expertise to prepare and process your tax returns from start to finish.
If your books are not in order, a tax accountant can do a thorough review of your accounting file, fix problems and add missing transactions before tax preparation. If you have missing transaction for the year, they can be detected by reconciling business bank account statements with your information provided in the accounting software. This should be done on a monthly basis but can also be done quarterly or annually depending on your preference and budget.
Once your books are cleaned up and accurate, reports such as a profit and loss, balance sheet and 1099 summary can be run to start the tax preparation process. A profit and loss report is helpful for preparing returns for a schedule C, 1065, 1120 or 990, while balance sheet information is used on the balance sheet of corporate, partnership and nonprofit returns. Preparation for tax return filing can be very time consuming for business owners which is why most choose to hire an accountant to complete the books before filing their annual returns.
A Chicago Tax Accountant can help to make your life a lot easier by providing the necessary services to get your books up to date and accurate for tax preparation. Some planning at year end or throughout the year can also make tax time a lot less stressful. Whether you are a new or existing business, you can benefit from the expertise of an accountant for bookkeeping, accounting, tax preparation and QuickBooks Help. An accountant who is also a Certified QuickBooks Pro Advisor offer the expertise to prepare and process your tax returns from start to finish.
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